Tech.mn reports that Mankato-based, privately held Taylor Corp. has reached an agreement to acquire Red Stamp, described as a social commerce start-up. It will become part of Taylor's Occasions Group business unit.
Based in Minneapolis, Red Stamp produces customized business cards, letterhead and stationery available on mobile devices. Red Stamp has 1.25 million users for its app, which lets users create personalized designs that can be shared from mobile devices and desktop computers via text, tweet, email, Instagram, Facebook, and paper postcards.
Street Insider reported that Red Stamp will continue to carry its brand name and website.
The chairman, owner and founder of Taylor Corp. is Glen Taylor, who is also the owner of the Minnesota Timberwolves and Minnesota Lynx.
Terms of the deal were not disclosed.